Mortgage Valuation Appeal

JQ.

I must admit I would consider it to be odd that the house would have increased in value over the last 4 years and I don't think a new boiler adds value, it probably makes it more marketable. Are you sure the houses in question are actually identical - loft conversion, conservatory, £25,000 kitchen, log burning stove in lounge, ensuites installed, kitchen diner created, etc etc? All the houses on my street are in theory identical, however, having been in most of them I would imagine the variance in value is probably around £50,000 - some are shocking, some are stunning (with extensions).

If they are identical then the sale in March 2011 should be relevant, however, I'd imagine the valuer is not keen on showing an increase in value during a period when values have been dropping.

Good luck with the appeal.

Malky

shortchanged wrote: »

that is unless you are living in Aberdeen.

Not entirely true. My house value has dropped nearly £20K in three years. Bought in 06 for £105K. Peaked in 07/08 at around £165K. Valued in April this year at £146K.
There has been a noticeable difference in the last year or so and prices have gradually fallen, although still overpriced IMO.

hcb42

offers over in Scotland often leads to people paying over the odds, survey sounds reasonable, given the date of purchase, unfortunately home improvements do not guarantee a payback, esp at that price in the market

moneysavingmatt

JQ. wrote: »

I must admit I would consider it to be odd that the house would have increased in value over the last 4 years and I don't think a new boiler adds value, it probably makes it more marketable. Are you sure the houses in question are actually identical - loft conversion, conservatory, £25,000 kitchen, log burning stove in lounge, ensuites installed, kitchen diner created, etc etc? All the houses on my street are in theory identical, however, having been in most of them I would imagine the variance in value is probably around £50,000 - some are shocking, some are stunning (with extensions).

If they are identical then the sale in March 2011 should be relevant, however, I'd imagine the valuer is not keen on showing an increase in value during a period when values have been dropping.

Good luck with the appeal.

Nope identical houses no extensions, only difference would be interior design..

The boiler should add value as previously it had white meter heating and storage heaters.. We had to plumb into the gas network to get it.

Still waiting the 48hr turnaround turned into a 5 working day response At the end of the day happy it hasn't decreased in value and may just have to move some money from savings across to hit the 85% threshold.. would rather not though.

BoGoF

I think hcb42 has hit the nail on the head, the offers over system leads to people paying over the valuation price.

And I don't think adding a boiler would make much difference, it's what people expect these days